US President Donald Trump is to speak with Russian President Vladimir Putin today, according to a White House official. It comes ahead of a meeting with Ukrainian leader Volodymyr Zelenskiy tomorrow.
Trump has indicated in recent weeks that he is eager to ramp up pressure on Putin and expressed frustration with the the Russian leader’s refusal to halt the fighting in Ukraine. He has pushed US economic partners to stop buying Russian energy, while teasing the prospect of Ukrainian access to long-range Tomahawk missiles.
If Trump agrees, it would be a major shift. Some suggest the president may now turn his attention to the conflict in Ukraine after securing an agreement in Gaza.
Zelenskiy is also seeking air defense and urgent energy assistance as Moscow intensifies its strikes on power and water infrastructure. The Kremlin’s efforts are part of a deliberate strategy to demoralize the Ukrainian population ahead of winter. — Jennifer Duggan
What You Need to Know Today
France’s Prime Minister Sebastien Lecornu survived two no-confidence motions today which clears a path for what will be a difficult debate on the budget. Lecornu remains in office thanks to abstentions of most Socialist lawmakers after he bowed to their demands to suspend the contentious 2023 pension law. For now, at least, there is some respite from the political crisis that came close to triggering snap elections this week. It has also reassured investors, bringing down France’s borrowing costs.
Deutsche Bank and Goldman Sachs are among the banks getting ready to sell roughly $1.2 billion of debt that’s financing the buyout of a unit of Finastra. A number of other banks are working on the leveraged loan deal, people familiar with the talks told us. The loan is expected to launch for syndication in the coming weeks and will be roughly split between euros and dollars.
The head of the UK’s domestic security service, revealed that its spies had disrupted a new threat from China in recent days. MI5 Director-General Ken McCallum expressed frustration over the collapse of an espionage case linked to Beijing. He declined to elaborate on the nature of the activity. Chinese spying in Britain has come under greater scrutiny in the wake of prosecutors’ decision to drop a case against two men accused of trying to gather intelligence about the country’s policy toward Beijing.
The safety regulator that inspects Tesla vehicles for sale in the European Union is joining an expanding global effort to scrutinize the door handle design popularized by the company. The Dutch authority RDW said regulators will shore up rules to ensure that occupants can safely exit vehicles after a crash and be rescued by first responders. The regulator’s comments followed our investigation into Tesla’s doors losing function in the event of battery power outages and entrapping drivers and passengers — including in cases where vehicles caught fire.
Hamas says it’s handed over all the bodies of hostages that it can find without special machinery in the devastated Gaza Strip. But Israel says it’s not trying hard enough as a number of cracks are becoming apparent as the ceasefire deal moves towards its second phase. There is little detail on the next steps, including who will fund reconstruction or provide troops to secure Gaza.
Britain’s Chancellor of the Exchequer, Rachel Reeves said she would look at regulated prices in her UK budget next month as part of efforts to reduce inflation. Reeves faces a difficult budget next month when she is expected to have to raise taxes by over £20 billion. Inflation is running close to double the Bank of England’s official target. Her comments to reporters on the sidelines of the International Monetary Fund meetings in Washington could be a sign that the UK government is considering to take action to reduce energy bills. Reeves also hinted that a bank tax wasn’t on the agenda.
Rachel Reeves Photographer: Chris J. Ratcliffe/Bloomberg
The roughly $7 billion batch of European initial public offerings in recent months has shown sellers must balance the risk of upfront cash versus leaving enough room for the stocks to trade higher. The biggest IPOs — Noba Bank, Ottobock, SMG Swiss Marketplace and Verisure — had mixed performances in trading since their debuts. The deals suggest investor appetite for new stocks is recovering after years of muted IPO activity, but also that issuers still have to offer generous discounts if they want to ensure strong trading.
